The Automotive Electronics by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Electronics, The automotive electronics market size has grown strongly in recent years. It will grow from $274.67 billion in 2023 to $299.56 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increase in demand for commercial vehicles, increased demand for passenger vehicles and rise in disposable income.
The automotive electronics market size is expected to see strong growth in the next few years. It will grow to $420.18 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to growing demand for electric vehicles, increasing automobile production, rising government support and increasing demand for safety features in automobiles.. Major trends in the forecast period include artificial intelligence technology, launch of advanced power electronics, integration of augmented reality (ar), new and innovative products introduction, strategic partnerships and collaborations to expand their product portfolio and drive revenues.
The increasing penetration of electric vehicles is expected to propel the growth of the automotive electronics market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. Additionally, with defense against COVID-19 and aspirations to achieve net-zero emissions, EV and hybrid vehicles are suddenly adopted. Automotive electronics are used in the electric vehicle for the implementation of the electric powertrain system that provides high power to the vehicles. For instance, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increasing penetration of electric vehicles is driving the growth of the automotive electronics market.
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The automotive electronics market covered in this report is segmented –
1) By Type: Advanced Driver Assistance Systems, Body Electronics, Entertainment, Powertrain, Safety Systems, Other Types
2) By Component: Electronic Control Units, Sensors, Current Carrying Devices, Other Components
3) By Vehicle Type: Light Commercial Vehicles, Passenger Vehicles, Heavy Commercial Vehicles, Other Vehicle Types
4) By Sales Channel: OEM, Aftermarket
Technological advancements in in-vehicle safety are a key trend gaining popularity in the automotive electronics market. Major companies operating in the automotive electronics market are focused on developing new technological solutions to strengthen their position in the market. For instance, in December 2021, Renesas Electronics, a Japan-based semiconductor manufacturer, launched two new microcontrollers (MCUs) for automotive actuator and sensor control applications that facilitate edge growth in next-generation electronic and electrical (E/E) architecture. Renesas expands its RL78 Family of low-power 16-bit MCUs and strengthens its broader automotive portfolio with the new RL78/F24 and RL78/F23, offering clients highly dependable, high-performance solutions for systems ranging from actuators to zone control.
The automotive electronics market report table of contents includes:
1. Executive Summary
2. Automotive Electronics Market Characteristics
3. Automotive Electronics Market Trends And Strategies
4. Automotive Electronics Market – Macro Economic Scenario
5. Global Automotive Electronics Market Size and Growth
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26. South America Automotive Electronics Market
27. Brazil Automotive Electronics Market
28. Middle East Automotive Electronics Market
29. Africa Automotive Electronics Market
30. Automotive Electronics Market Competitive Landscape And Company Profiles
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